The Best Mortgage Lenders in Franklin, MN
Compare verified mortgage lenders serving Franklin, Minnesota. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Franklin
Featured Mortgage Lenders
Frandsen Bank & Trust
Frandsen Bank & Trust
Frandsen Bank & Trust is a highly-rated community bank with deep roots in Minnesota and strong presence in the Franklin area. With over three decades of experience, they offer personalized mortgage services and competitive rates. Their local loan officers understand the unique needs of rural Minnesota communities and provide exceptional customer service with quick decision-making. They specialize in agricultural and rural property financing, making them an excellent choice for Franklin residents.
Loan Types:
State Bank of New Prague
State Bank of New Prague
As one of Minnesota's oldest and most trusted community banks, State Bank of New Prague has been serving the Franklin area for generations. They offer competitive mortgage rates with local underwriting and decision-making, ensuring personalized service for each borrower. Their experienced loan officers specialize in rural and small-town properties and are known for their flexibility and community-focused approach. With strong capital reserves and local ownership, they provide stable, reliable mortgage services.
Loan Types:
United Prairie Bank
United Prairie Bank
United Prairie Bank is a well-established regional bank that actively serves the Franklin community with comprehensive mortgage solutions. They combine the resources of a larger institution with the personalized service of a community bank. Their mortgage team has extensive experience with rural Minnesota properties and offers competitive rates with flexible terms. Known for their responsive customer service and local decision-making authority, they provide efficient loan processing and closing services tailored to Franklin area residents.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Franklin, MN
What are the current average mortgage rates for homebuyers in Franklin, MN?
Mortgage rates in Franklin typically align with national averages but can be slightly lower due to the area's rural classification and stable housing market. As of late 2023, 30-year fixed rates in the Franklin area generally range from 6.5% to 7.25%, though this varies by lender and borrower qualifications. Local credit unions like United Southwest Credit Union often offer competitive rates specifically for Franklin County residents.
Are there any first-time homebuyer programs specifically available in Franklin, MN?
Yes, Franklin homebuyers can access the Minnesota Housing Finance Agency's programs, which offer competitive interest rates and down payment assistance. Additionally, the USDA Rural Development loan program is particularly relevant for Franklin properties, offering 100% financing with no down payment required for eligible borrowers in this designated rural area. Local lenders are well-versed in these programs and can guide you through eligibility requirements.
How does Franklin's rural location affect my mortgage options?
Franklin's rural designation opens up valuable USDA loan opportunities that aren't available in urban areas, including 100% financing with no down payment. Many lenders also consider Franklin's stable agricultural economy and lower housing prices (median home value around $150,000) when underwriting loans. However, you may find fewer local lender options compared to larger cities, though many regional banks serve the Franklin area well.
What should I know about property taxes when getting a mortgage in Franklin?
Franklin property taxes are relatively affordable compared to Minnesota's metro areas, with Renville County rates typically around 1.1-1.3% of assessed value. When calculating your mortgage payment, expect to escrow approximately $1,500-$2,000 annually for property taxes on a typical Franklin home. The stable tax environment in Franklin helps maintain predictable monthly mortgage payments throughout the loan term.
Are there any local down payment assistance programs for Franklin homebuyers?
While Franklin itself doesn't offer city-specific programs, homebuyers can access Renville County's Housing and Redevelopment Authority resources and the statewide Start Up program. These programs can provide down payment assistance of up to $15,000 as a second mortgage with 0% interest. Many Franklin buyers successfully combine these with USDA or FHA loans to achieve minimal out-of-pocket costs for home purchases.
Why Choose a Mortgage Lender in Franklin?
Local Market Knowledge
Lenders who understand Franklin's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Minnesota.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Franklin and get competitive rates on your home loan.